There are many arguments and counter arguments on demonetization being a good or bad and let the time tell whether it is good or bad but my view is, it is a bold move for sure and opens up opportunities for entrepreneurs.
The bad part about it could be the execution plans where there have been lots of flip flops in policies to handle such a big rush. RBI had very less preparation and had only 1/3rd of notes in printed to be replaced which is kind of too low for an economy which primarily runs on cash and has very less digital payment penetration.
Businesses that focused majorly on Indian clients has been disrupted and they can do very little about it.
I also noticed that the ads of Amazon and Flipkart is at all time low on TV and even Christmas sale was not advertised on TV channels because Cash on Delivery orders may be getting returned due to unavailability of cash with customers. I also did not see Amazon and Flipkart delivery boy in my building who were quite regular here.
And then there are businesses who spot this as an opportunity.
Digital payments have seen a jump in many and there is no doubt about it. We will soon see some players emerge and become a dominant player in this space. But it is not all about Digital payments that have taken this as an opportunity.
On Freelancer.com we see a page for hiring freelancer related to Indian Demonetization. Page has nothing but just keyword targeted landing page which has no projects nor any freelancer profile on demonetization. Just a page to drive traffic related to demonetization keywords.
Standard Chartered bank allows 24k as withdrawal and so instead of using long queues to exchange notes, I just deposited them in my bank account and did a self-withdrawal of it.
And standard chartered has only one branch in Surat and had very few customers when I visited on 22nd of Nov but now I see they have added many more customers as they are allowing 24k withdrawal from savings account which other banks aren’t able to meet due to very high number of customers and less availability of currency.
Snapdeal launched a new service called Cash@Home, allowing you to order cash to be delivered at your doorsteps by checking your location and availability of cash.
You can request cash ₹2,000 per ATM card transaction and during cash delivery through SnapDeal, customers will swipe their cards on the PoS machines that Snapdeal’s delivery personnel will be carrying. Quite innovative.
Every business is looking at demonetization as an opportunity. Are you?